The latest general purpose annual financial statement signed by an authorized accountant
in public practice.

In case a new company is to be established, formal banks account to demonstrate
the availability of adequate financial resources but not less than the paid-up capital.

A sound operating/business plan, feasibility report, registration documents like
the memorandum and articles of association, trust deed, bank references, share allocations
forms duly verified by Securities Exchange Commission of Pakistan (SECP), three
years projected book of accounts duly prepared by a registered Chartered Accountants
Firm and any other documents to prove to the satisfaction of CAA / the Federal Government
that the Company is a legally established body capable of operating charter services.

Security deposit @ 10 % of the paid-up capital and minimum to Rs. 200,000 in case
of Charter Licence Class-I, and Rs.400, 000 in case of Charter Licence Class-II.

ISSUE OF CHARTER LICENSE

The applicant will submit a formal application on form CAAF-002-ATNR-1.0
along with all requisite documents (as per attachment) and including
processing fee as per AT Fee Schedule to Director Air Transport, HQCAA for consideration
and evaluation.

Application received will be scrutinized by Air Transport Directorate, CAA, for
acceptance/rejection within 3 working days of receipt of the application.

Applications once accepted will be processed by Air Transport Directorate, HQCAA,
for comments/NOC of CAA specialist directorates (Legal and Finance) within a period
of 10 days.

The scrutinized application, if considered to be in order, will be presented for
approval of the Director General CAA and subsequently to the Federal Government
if required. The approving authorities are as follows:

Director General, CAA, if the application is for Charter Class-I domestic operations.

Federal Government, if the application is for Charter Class I (International) and
Charter Class-II (Domestic & International) operations.

Licence will be issued by CAA on approval by the Competent Authority after receipt
of the security deposit and licence issuance fee as appropriate.

CONDITIONS FOR OPERATION

Aircraft Fleet requirement shall be as per National Aviation Policy and Air Navigation
Order in vogue.

Operator should only operate to and from licensed and certified airports and airstrips
and on ATS routes.

Before international operations, operator shall have successfully completed domestic
operations for not less than 06 months unless waived off by the Director General
CAA under special circumstances.

ACQUISITION OF AIRCRAFT

The operator shall have minimum two aircraft registered in Pakistan for their passenger
Charter Operations.

For operations with Pakistan registered aircraft, Airworthiness Directorate will
issue the Certificate of Airworthiness. For maintenance and certification of aircraft,
Director Airworthiness may be consulted for guidance on applicable requirements
and procedures.

Wet lease aircraft induction from foreign countries would be allowed only in an
extra-ordinary circumstances i.e. unforeseen surge in the marked demand or sudden
shortage of the operator’s capacity due accident / incident of aircraft. Wet lease
permission of foreign registered aircraft shall not more than 90 days unless satisfied
the Director General CAA.

For foreign registered aircraft, a transfer agreement between the State of Registry
and State of Operator is required to be concluded (before the commercial agreement
between the lessor and lessee Operator) under Article 83 (bis) of the Chicago Convention
read with Civil Aviation Rule 368-A. The "Author and OPI" for the transfer agreement
will be the Chief Legal Services, CAA.

CONDITION OF AIR OPERATOR CERTIFICATE

After the issuance of Charter License to an operator by the Competent Authority,
it is a regulatory requirement specified in ANO 91.0001 and AOC Guide CAAD-617 issued
by Flight Standards Directorate, the operator is to obtain an AOC within two years
of issuance of License. The operator shall comply with all the requirements of Civil
Aviation Regulations.

The License holder (Licensee) shall apply to the Director Air Transport & ER, HQCAA,
Karachi, on the Company’s Letterhead for renewal of License along with applicable
renewal fee as per AT FEE SCHEDULE at least 60 days before expiry of the License.
In case of failure, the holder, in addition to the normal fee shall pay surcharge
Rs 1000/- per month or part thereof. In case of receipt of application for renewal
after expiry of the License, no waiver or extension to the License shall be granted
until approval of the Competent Authority i.e. Federal Government is being sought
or waiver/extension granted by the DG CAA in the National and General Public interest.

The Licensee is to submit the current annual audited report, duly signed by the
Directors / CEO and their authorized chartered accountant firm along with current
Operations Specifications with their aircraft insurance documents in line with the
latest Government Gazette Notifications.

On receipt of the application, Air Transport & ER Directorate shall seek comments
/ no objection of the CAA specialist directorates i.e. Finance, Flight Standards
and Airworthiness and if applicable / required of Legal directorate.

If there are any CAA outstanding (aeronautical / non – aeronautical) dues against
the licensee/operator or any other objections, the licensee should clear the same
before renewal of the License unless agreed by the Director General CAA or the Federal
Government.

On receipt of the no objection of the concerned directorates, approval of the Director
General shall be sought and the matter shall be referred to the Federal Government
for approval.

On receipt of the approval of the Competent Authority, the License shall be renewed
by the Air Transport & ER Directorate.